This form is a sample letter in Word format covering the subject matter of the title of the form.
Letter Of Instruction To Bank With A Trust In Illinois
Category:
State:
Multi-State
Control #:
US-0034LTR
Format:
Word;
Rich Text
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FAQ
A beneficiary letter of instruction should include the names and contact information of your beneficiaries, as well as their relationship to you. It should also specify how you would like the assets in your bank account to be distributed and any other instructions or wishes you may have.
Since a Will is subject to Probate Court, it is not your ideal estate plan. Rather, you should have a Living Trust as your primary estate plan. To be valid in Illinois, surprisingly, a Living Trust does not need to be witnessed or notarized. However, it is not a wise practice.
A letter of instruction (also known as a letter of intent) is an informal supplement to an estate plan which provides your Successor Trustee/Executor with detailed information concerning your wishes after you die.
Tell your banker you would like to transfer a bank account into a trust. Remove any existing bank account beneficiaries. Present an official copy of the trust to your banker. Sign new signature and ownership cards.
Beneficiaries are entitled to request bank statements from the executor by making an informal written request for them. Some executors may attach bank statements to their accountings for added transparency without beneficiaries having to ask, but it's usually not a requirement for them to do so.
It's not a replacement for a will, and in fact it's not even a legal document. But it can be incorporated into the necessary legal documents as a guide and the key to making sure everything is accounted for and accessible to the family members left behind.
A good letter of instruction should contain the following information: A complete list of all assets. The whereabouts of any tangible assets that are not readily accessible. Necessary information about all liquid assets, including bank, brokerage, retirement, and investment accounts.
It's a good way to let to those trusted to take care of your affairs know what you would want them to know. Since the letter of instruction is not a legal document, it does not need to be notarized or signed in the presence of witnesses or with any other special formality.